ITEM:		CONSENT CALENDAR
6.	REVEIW AND ACCEPT INDEPENDENT AUDITORS’ REPORT FOR FISCAL YEAR 2003-04
Meeting Date:			March 21, 2005	Budgeted:	N/A
From:			David A. Berger,	Program/	N/A
			General Manager	Line Item No.:
Prepared By:			Rick Dickhaut	Cost Estimate:	N/A
General Counsel Approval: N/A
Committee Recommendation: The Administrative Committee reviewed this item on March 11, 2005 and recommended ___________________.
CEQA Compliance: N/A

SUMMARY: Drafts of the Financial Statements and Independent Auditors’ Report, Board Disclosure Letter and Management Letter for the fiscal year ending June 30, 2004 have been distributed under separate cover to the Board and are available for public review at the District office. The auditors issued a clean opinion on the financial statements and District staff concurs with the three recommendations made by the auditors in the management letter. The Administrative Committee reviewed the draft report and letters on March 11, 2005 with the District's auditors, Hayashi and Wayland. Following acceptance by the Board, the report will be finalized and provided to Monterey County and various financial institutions that the District conducts business with. The statements will also be made available to the public.

RECOMMENDATION: District staff recommends that the Board review and accept the Financial Statements and Independent Auditors’ Report for the year ending June 30, 2004. The Administrative Committee reviewed draft report February 11, 2005 and voted _ to _ to recommend ___________.

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